Math teacher ?
You don't say where this is, I will assume USA.
For position as "regular faculty" it is increasingly the case that even 2-year colleges seek only candidates with Ph.D. However: many colleges, even big-name universities, are hiring many "part-time" or "temporary" or "adjunct" instructors. This means probably no job security from one year to the next; maybe even no benefits. But also perhaps no rigid requirement of a Ph.D.